This recent Legal & General study identifies what I see each an every day - a strange unwillingness for business owners to plan for their premature demise.
It isn't just the funding for the purchase of shares which is missing from an appropriate plan, but also who would run the company in the short, medium and long term, as well as missing out on significant inheritance tax planning opportunities by failing to make and then continuously update their Wills.
If you haven't made provision, contact me today on 01254 880834 to discuss your options without obligation.
Nearly 40 per cent of businesses have no life insurance policies in place to help buy the shares of a recently deceased business owner, according to Legal & General. The provider interviewed 826 senior staff, finding 37 per cent of businesses (with two or more owners) did not have this form of cover, with 57 per cent of small businesses stating this was the case within their company. The research also revealed that 30 per cent of business owners have no will and no specific instruction in place on what should happen with their shares upon death.